Letters to the Editor — Dealing with the National Debt

This bridge is for sale again

Subject: “Our National Debt Threatens Future Generations,” by Ryan Binkley, Wednesday Opinion.

Did Binkley write this essay recently or 10 years ago? It’s hard to say, which is one of the reasons this article is a waste of time for your readers.

A second reason why it’s a waste of time is that it doesn’t offer any solutions. If he took the time to write this article himself, surely he must have been thinking about what to do about the national debt?

He’s an investment banker, so he probably doesn’t want to raise corporate taxes, which are at historic lows. He also wouldn’t want to raise taxes on those earning more than $500,000 a year, a category many in his profession fall into.

Nor does it mention cutting subsidies to the fossil fuel industry, which regularly drive up the costs of government-funded disaster relief into double digits.

I understood. Let’s elect Republicans and cut Social Security, Medicare and Medicare, and repeal Obamacare while we’re at it. Let the poor and the middle class pay.

I suspect that’s where he’s headed, but like most GOPs, he really don’t want to come out and say it. In fact, they just want exam Social security and health insurance.

If you fall for this one, I have a bridge for you.

Jane Scholz, Denton

empty pockets

Please don’t ever let me hear, ‘We are a rich country – we can [blank].” No, we are not. No, we can’t.

As Ryan Binkley wrote in Opinion Wednesday, we’re at $31 trillion (yes, trillion) in debt. Every year more and more of the country’s revenue will be needed to pay the interest on this growing debt.

As a country, our citizens may be wealthy, but the government of the country is not. The wealth of the private sector bears no relation to the wealth of the public-governmental sector. Just as the wealth of individual shareholders has no bearing on the wealth of society, we should not confuse the wealth of people with the wealth of the state.

It’s time for everyone to wake up and realize that Uncle Sam’s deep pockets are now empty.

Ted Gold, Plano

Put it on hold

I read with great interest Binkley’s commentary on the national debt – an extremely important topic, but one that few lawmakers care to address seriously, let alone deal with aggressively.

To take Binkley’s report one step further, why not just suspend all unnecessary spending and wasting money until the debt is paid off, and then run a cash-and-carry government? Sadly, few of our elected officials have been able to rise above the nasty politics that have overwhelmed big government for too long.

Defence, social security (and related essentials) and much leaner day-to-day running of basic government functions would suffice the nation’s expenses. Everything else could be put on hold and hopefully disappear altogether when we find out that this shouldn’t have been a federal government issue to begin with.

Instead, we have a president who can find a way to pay for someone’s car if he thinks there’s a vote in there somewhere. Where do these alleged leaders come from?

At our current rate of outrageous spending, we will soon be the number one country in the Fourth World and seek advice and donations from places like Somalia or Angola.

Mike Thomas, Denton

We live on credit since the Revolution

First, our revolutionary war was paid for on credit. These lenders included a few wealthy individuals, but the lion’s share came from three countries: France, the Netherlands and Spain. These loans were negotiated, at one time or another, by two men: Robert Morris and Haym Salomon.

True to the work of these two men, the US Constitution included a clause requiring the repayment of these loans, although there is no other legal obligation to do so. And Uncle Sam has been paying those bonds since 1787.

Second, Uncle Sam borrows through the sale of securities from an informal, international collection of counties, corporations, insurance agencies, trusts, and individuals. The interest yielded by these securities is fixed by a reverse auction between the possible underwriters and does not fluctuate. Thus, no future generation is liable for a catastrophic lump sum payment. Some of the money loaned to Uncle Sam in 1992 is repaid and some of the money borrowed will not have to be repaid until 2052, and the composite interest rate of 9.62% is hardly expensive in today’s lending market.

Stephen LoveDallas

Read and consider

The recent essay on our nearly $31 trillion national debt should be required reading for all politicians. The commentary describes debt as an iceberg, and our ship — our country — is on a collision course with it. Both sides have to get this under some sort of control, or we’re going to sink.

Stopping senseless spending would be the first step. I think we can all agree on that. We should demand this of our elected leaders.

Harry Bomberger, flower mound

The spirit of the game

Maybe Vladimir Putin kept the United States from going deeper into debt. He is threatening to use tactical nuclear weapons in response if the billions of dollars of US military glut supplying Ukraine keep flowing.

Putin knows China owns us. We would hate to see China recall the loans. How many billions is it worth to save the Biden administration?

Fred Stewart, Grand Junction, Colo.

Count the cancellation of student loans

Biden’s student loan cancellation plan adds to the already inflated size of the national debt. This adds to the skyrocketing cost of goods and services and puts us in more debt than ever. How can all this be a good thing for our country?

I understand that canceling student loans was one of President Joe Biden’s campaign promises, but is that really a wise financial decision to make in this time of record inflation? The plan is another government document designed to woo more Democrats ahead of the midterm elections.

Kay Wrobel, Map

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John A. Bogar